News Around The Industry
Ladbrokes' have released their interim financial results, the figures were ahead of financial analysts' forecasts, with profit dropping four percent to 131 million pounds for the six months to the end of June. Whilst rivals William Hill showed a 9% decrease in OTC and an 11% increase in FOBT gross. Although the economic climate had looked “gloomy” for 2009 in the industry, these figures show that the betting market is not being effected as worst as feared.
The Horserace Betting Levy Board has appointed Paul Lee as its new Chairman, succeeding Robert Hughes CBE.
Both Ladbrokes and William Hill plc have announced to move their online operations and sports book offshore to Gibraltar. It is estimated that in total the companies would save in excess of £15m a year as they will not have to pay the levy and taxes. Ladbrokes have said that it would keep its telephone betting call centre in Britain. This a major blow to UK horse racing as levy yield had already fell by 8% from £115.3 million to just £91.6 million in the last financial year, however some betting companies that are based abroad do still pay the levy on a voluntary basis.